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Gale Company has the following inventory and purchases during the fiscal year ended December 31,...

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Accounting

Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023.

Beginning Inventory 325 units @ $ 89/unit
Feb. 10 purchased 240 units @ $ 93/unit
Feb. 20 sold 405 units @ $ 169/unit
Mar. 13 purchased 253 units @ $ 87/unit
Sept. 5 purchased 290 units @ $ 73/unit
Oct. 10 sold 545 units @ $ 169/unit

Gale Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Round your intermediate calculations and final answers to 2 decimal places.)

image

2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.)

image \begin{tabular}{|l|l|l|l|} \hline & & Ending Inventory & CostofGoodsSold \\ \hline a. & FIFO & & \\ \hline b. & Moving weighted average & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline & FIFO & MovingWeightedAverage \\ \hline Sales & & \\ \hline Cost of goods sold & \\ \hline Gross profit & \\ \hline \end{tabular}

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